XML 29 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 716,603 $ 347,079 $ 483,273
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 377,786 366,184 333,066
Provision for real estate impairment loss 0 35,881 0
Gain on dispositions of real estate and the Asset Management business (677,463) (300,849) (400,156)
Income tax benefit (13,027) (30,836) (18,842)
Share-based compensation expense 8,550 7,877 7,629
Amortization of deferred loan costs and other 9,023 5,666 5,060
Other, net 1,065 (7,694) (6,071)
Changes in operating assets and operating liabilities:      
Accounts receivable and other assets (27,830) (15,841) (22,294)
Accounts payable, accrued liabilities and other 1,681 (15,395) (5,164)
Total adjustments (320,215) 44,993 (106,772)
Net cash provided by operating activities 396,388 392,072 376,501
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of real estate and deposits related to purchases of real estate (242,297) (20,372) (290,729)
Capital expenditures (340,489) (358,104) (346,645)
Proceeds from dispositions of real estate 708,848 401,983 535,513
Purchases of corporate assets (7,718) (8,899) (7,540)
Proceeds from repayments on notes receivable 5,010 430 412
Other investing activities (1,508) (2,019) 9,842
Net cash provided by (used in) investing activities 121,846 13,019 (99,147)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from non-recourse property debt 1,228,027 312,434 417,714
Principal repayments on non-recourse property debt (976,087) (409,167) (371,947)
(Repayment of) proceeds from term loan (250,000) 250,000 0
Net borrowings on (repayments of) revolving credit facility 93,200 49,230 (9,070)
Payment of debt issue costs (11,961) (4,751) (7,816)
Payment of debt extinguishment costs (14,241) (399) (391)
Repurchases of Common Stock (373,593) 0 0
Redemptions of Preferred Stock 0 0 (34,799)
Payment of dividends to holders of Preferred Stock (8,594) (8,594) (10,014)
Payment of dividends to holders of Common Stock (237,504) (225,377) (206,279)
Payment of distributions to noncontrolling interests (29,196) (26,799) (35,706)
Other financing activities 5,233 (2,462) 844
Net cash used in financing activities (588,180) (393,700) (283,949)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (69,946) 11,391 (6,595)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 142,541 131,150 137,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 72,595 142,541 131,150
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 199,996 196,438 200,278
Cash paid for income taxes 11,522 7,401 2,152
Non-cash transactions associated with the acquisition or disposition of real estate:      
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business 227,708 0 0
Non-recourse property debt assumed in connection with the acquisition of real estate 208,885 0 0
Issuance of preferred OP Units in connection with acquisition of real estate 0 0 17,000
Issuance of common OP Units in connection with acquisition of real estate 50,151 0 0
Other non-cash transactions:      
Accrued capital expenditures (at end of period) 40,185 31,719 35,594
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) (Note 8) 1,266 1,720 927
AIMCO Properties, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 716,603 347,079 483,273
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 377,786 366,184 333,066
Provision for real estate impairment loss 0 35,881 0
Gain on dispositions of real estate and the Asset Management business (677,463) (300,849) (400,156)
Income tax benefit (13,027) (30,836) (18,842)
Share-based compensation expense 8,550 7,877 7,629
Amortization of deferred loan costs and other 9,023 5,666 5,060
Other, net 1,065 (7,694) (6,071)
Changes in operating assets and operating liabilities:      
Accounts receivable and other assets (27,830) (15,841) (22,294)
Accounts payable, accrued liabilities and other 1,681 (15,395) (5,164)
Total adjustments (320,215) 44,993 (106,772)
Net cash provided by operating activities 396,388 392,072 376,501
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of real estate and deposits related to purchases of real estate (242,297) (20,372) (290,729)
Capital expenditures (340,489) (358,104) (346,645)
Proceeds from dispositions of real estate 708,848 401,983 535,513
Purchases of corporate assets (7,718) (8,899) (7,540)
Proceeds from repayments on notes receivable 5,010 430 412
Other investing activities (1,508) (2,019) 9,842
Net cash provided by (used in) investing activities 121,846 13,019 (99,147)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from non-recourse property debt 1,228,027 312,434 417,714
Principal repayments on non-recourse property debt (976,087) (409,167) (371,947)
(Repayment of) proceeds from term loan (250,000) 250,000 0
Net borrowings on (repayments of) revolving credit facility 93,200 49,230 (9,070)
Payment of debt issue costs (11,961) (4,751) (7,816)
Payment of debt extinguishment costs (14,241) (399) (391)
Repurchases of Common Stock (373,593) 0 0
Redemptions of Preferred Stock 0 0 (34,799)
Payment of dividends to holders of Preferred Stock (16,334) (16,358) (17,253)
Payment of distributions to General Partner and Special Limited Partner (237,504) (225,377) (206,279)
Payment of distributions to Limited Partners (11,987) (10,668) (10,214)
Payment of distributions to noncontrolling interests (9,469) (8,367) (18,253)
Redemptions of noncontrolling interests in the Aimco Operating Partnership (9,885) (13,546) (12,544)
Redemption of common and preferred units (9,885) (13,546) (12,544)
Redemptions of noncontrolling interests in the Aimco Operating Partnership (3,579) (314,269) (13,941)
Other financing activities 5,233 (2,462) 844
Net cash used in financing activities (588,180) (393,700) (283,949)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (69,946) 11,391 (6,595)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 142,541 131,150 137,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 72,595 142,541 131,150
SUPPLEMENTAL CASH FLOW INFORMATION:      
Interest paid 199,996 196,438 200,278
Cash paid for income taxes 11,522 7,401 2,152
Non-cash transactions associated with the acquisition or disposition of real estate:      
Non-recourse property debt assumed by buyer in connection with the disposition of the Asset Management business 227,708 0 0
Issuance of preferred OP Units in connection with acquisition of real estate 0 0 17,000
Other non-cash transactions:      
Accrued capital expenditures (at end of period) 40,185 31,719 35,594
Accrued dividends on TSR restricted stock and LTIP awards (at end of period) (Note 8) 2,217 1,818 927
AIMCO PROPERTIES, L.P.      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Redemptions of noncontrolling interests in the Aimco Operating Partnership (3,579) (314,269) (13,941)
Non-cash transactions associated with the acquisition or disposition of real estate:      
Non-recourse property debt assumed in connection with the acquisition of real estate $ 208,885 $ 0 $ 0